Scatec Solar to Invest $500m in Egypt

Scatec Solar to Invest $500m in Egypt

Egyptian Minister of Investment and International Cooperation, Sahar Nasr, met with Regional Director of Norwegian Scatec Solar, Morten Langsholdt, and discussed Egypt’s renewable energy plans, reported Al Ahram Newspaper.

Langsholdt pointed out that his company is expected to inject $500m in Egypt in October 2017, adding that 40 solar power plants would be established in Upper Egypt’s Benban village, in Aswan. The solar plants are planned to be finalized by 2018 with a capacity of 1,800 MW.

Furthermore, minister Nasr told Langsholdt that Egypt plans to boost its use of renewable energy to 22% by 2020 adding that Egypt is keen on achieving sustainable development through the use of renewable energy.

During the meeting, Langsholdt also stated that Scatec Solar, along with a number of investors including the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), is keen on providing $3b in investments to Egypt under the Solar Feed-in Tariff (FIT) Program.

Sarah Samir 3287 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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